Jost Werke Se · XETR:JST
Jost Werke — Investor Presentation (June 2024)
29 slides from Jost Werke's investor presentation, June 2024
Slide 1: Investor Presentation – June 2024
INVESTOR PRESENTATION – JUNE 2024 JOST WERKE SE INVESTOR PRESENTATION – JUNE 2024
Slide 2: Disclaimer
Disclaimer THIS PRESENTATION IS CONFIDENTIAL AND MUST NOT BE RELEASED, PUBLISHED, TRANSMITTED OR DISTRIBUTED, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, INTO OR WITHIN THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA, JAPAN OR ANY JURISDICTION WHERE SUCH DISTRIBUTION IS UNLAWFUL. This presentation
Slide 3: JOST: A Leading Global Supplier of Mission Critical Solutions for Commercial Vehicles
JOST: A Leading Global Supplier of Mission Critical Solutions for Commercial Vehicles Implements Cabins Implements Cabins Vario block Turntable Drawbar €1.25bn €141m Front loader Container Agriculture towing hitch Implements support leg sales adj. EBIT Three-point FY 2023 FY 2023 linkage BusLinks Tu
Slide 4: Strong Products Driving Brand Desirability and Pulling Demand
Strong Products Driving Brand Desirability and Pulling Demand With the Push & Pull sales strategy end users generate additional demand by actively asking OEMs for JOST’s products Truck OEMs Fleet operators WORLDWIDE LEADING SUPPLIER WITH HIGH MARKET SHARES AND COSTUMER LOYALTY Trailer OEMs Push & Pu
Slide 5: High Aftermarket Content and Wide Diversification Support Business Resilience
High Aftermarket Content and Wide Diversification by Application and Region Support Business Resilience Fifth Wheel Landing Gear Regional Mix 2023 (Destination, in % of sales incl. JV) South America (JV): 8% North and South America: 29% Europe: 44% Asia Pacific Africa: 19% €0.50 additional aftermark
Slide 6: Flexible and Asset Light Business Model Allows Quick Adaptation
Flexible and Asset Light Business Model Allows a Quick Adaptation to Changing Market Environment KEY PARTS OF THE VALUE CHAIN Number of product variants1 20 100 100 1,500 On demand Purchased Mech. Stage Design/ Forging and Quality Logistics Vehicle materials/ processing/ Coating Assembly Painting en
Slide 7: JOST Innovations – Leveraging Industry Expertise and Know-how
JOST Innovations – Leveraging Industry Expertise and Know-how to Provide Solutions and Capture Growth Shift from hardware-only solutions towards smart, autonomous systems able to sense, predict and decide #jostassist #jostgreen #jostdigital 7 JOST Werke SE – INVESTOR PRESENTATION – JUNE 2024
Slide 8: JOST Investment Case Summary
JOST Investment Case Summary Internationally renowned brands with high OEM (push) ~60% and strong end-costumer base (pull) worldwide market share Wide diversification by product, customer and region as ~27% well as high aftermarket share with strong network effects aftermarket Flexible and asset-lig
Slide 9: Accelerating Growth
ACCELERATING GROWTH 9 JOST Werke SE – INVESTOR PRESENTATION – JUNE 2024
Slide 10: Strategic Growth with Agriculture Machinery
Strategic Growth with Agriculture Machinery Sales (in m€) and Gross Profit Margin (in %) in Agriculture Transport and Agriculture highly complimentary business with strong top-line and bottom-line synergies 400 Sales CAGR 6% 48% Mission critical components, strong brands, Push & Pull business 350 32
Slide 11: JOST Successfully Advances Corporate Growth Strategy
JOST Successfully Advances Corporate Growth Strategy Strategically compelling M&As to create value and strengthen JOST’s global market position Targeting new regions and new customers Crenlo do Brasil with two M&As and one greenfield investment Expanding JOST’s product portfolio and global productio
Slide 12: Positioning JOST to Capitalize on Strong Industry Fundamentals
Positioning JOST to Capitalize on Strong Industry Fundamentals ACCELERATING GROWTH IN AGRICULTURE Expected Market Growth 2023-2028e +6% CAGR Brazilian agricultural machinery market JOST CURRENT JOST FUTURE +6% CAGR AGRICULTURAL FOOTPRINT AGRICULTURAL FOOTPRINT APA agricultural machinery market Sourc
Slide 13: JOST's Ambitions Through the Cycle – Accelerated Profitable Growth
JOST’s Ambitions Through the Cycle – Accelerated Profitable Growth Mid-term timeframe: 3-5 years // Targets announced during the 2021 Capital Markets Day SALES IN M€ ADJ. EBIT MARGIN IN % Mid to high single (ADJ. EBIT/SALES X 100) digit CAGR 1,265 1,250 11.5% 1,049 10.9 10.7 10.0 11.3 10.4 9.2 9.8 7
Slide 14: Appendix
Appendix Further information 14 JOST Werke SE – INVESTOR PRESENTATION – JUNE 2024
Slide 15: Market Development Expectations for FY 2024
Market Development Expectations for FY 2024 EUROPE NORTH AMERICA ASIA-PACIFIC-AFRICA TRUCK (5) – (10) % (10) – (15) % 5 – 10 % Normalization of demand, compared to Demand for Class 8 trucks expected to Chinese truck market should continue its INDUSTRY (Volume) very high, pent-up-demand-driven levels
Slide 16: JOST confirms Outlook for 2024
JOST confirms Outlook for 2024 Single digit decline y-o-y; Sales (2023: €1,250m) Single digit decline y-o-y Adj. EBIT (2023: €141m) Decline y-o-y, remaining within Adj. EBIT margin strategic corridor of 10.0-11.5% Capex Approx. 2.5% - 2.9% of sales (in % of sales) 1 Working Capital Below 19% from sa
Slide 17: Strategic Focus in 2024
Strategic Focus in 2024 In Agriculture: Generate new global cross-selling opportunities for JOST’s new agricultural products and continue acquiring new OEM contracts. In Transport: Increase revenue per customers by upselling new products and continue strengthening market positioning in all regions.
Slide 18: Key Financials – Q1 2024
KEY FINANCIALS – Q1 2024 18 JOST Werke SE – INVESTOR PRESENTATION – JUNE 2024
Slide 19: Financial Highlights in Q1 2024
Financial Highlights in Q1 2024 Sales reached €299m in Q1 2024, partially supported by €21m M&A contribution Adj. EBIT margin remained strong on prior year’s level at 11.6% despite sales decline and adj. EBIT reached €35m Free cashflow more than doubled to €35m and leverage improved down to 0.93x Ad
Slide 20: Development of Sales and Earnings by Region
Development of Sales and Earnings by Region 2023 vs PY Q1 2024 Growth (%) CAGR: 9 % vs PY - Cyclical decline for Transport in Europe and North 1,265 1,250 -1% -12.7% America (organic -13.5%) 1,049 173 208 +20 % - Sales (€m) 794 171 396 342 Markets for agricultural loaders continue to be 755 736 354
Slide 21: ROCE, Equity Ratio and Leverage development
ROCE, Equity Ratio and Leverage development -0.3pp + ROCE strong at 20.7%, despite sales-driven adj. EBIT decline ROCE1 21.0% 20.7% (%) + Efficient use of capital and high shareholder value creation Dec 31, 2023 March 31, 2024 + Equity ratio remains strong, well beyond the 35% threshold Equity ratio
Slide 22: Cash Flow and Working Capital development
Cash Flow and Working Capital development + Strong operative performance Free cash flow1 Cash conversion 0.4 1.4 rate2 + Additional support through factoring (€m) 35.1 13.3 - Negative earn-out impact on Free Cashflow YTD 2023 YTD 2024 + Cash conversation rate in long-term target range of ≥1 Capex3 2
Slide 23: Development of JOST's Sales and Adjusted EBIT by Quarter
Development of JOST’s Sales and Adjusted EBIT by Quarter SALES (€m) ADJ. EBIT (€m) ADJ. EBIT MARGIN (in %) 342 330 327 312 322 304 292 286 299 273 266 257 252 231 40 199 202 37 192 197 34 33 35 178 175 32 30 30 157 30 30 27 27 24 23 24 11.6% 19 20 21 10.0% 9.3% 8.9% 11.4% 12.0% 11.2% 15 11.7% 11.6%
Slide 24: Strong Reductions of CO2 Emissions and Energy Consumption Achieved
Strong Reductions of CO 2 Emissions and Energy Consumption Achieved Energy consumption -2.7% + Energy consumption down due to investments in energy efficiency (in m kWh) 108 105 Gas/District heating - Consolidation of Crenlo do Brasil and LH Lift contributed additional 5.7m 56 54 kWh to energy balan
Slide 25: Immediate Access to the Brazilian Off-Highway and Agricultural Machinery Market
Immediate Access to the Brazilian Off-Highway and Agricultural Machinery Market Investment Goal: To develop the South American off-highway market for JOST’s products by gaining immediate access to a wide network of blue-chip OEMs in Brazil, further expanding JOST’s global customer list PRODUCTS Fron
Slide 26: Highly Complementary Product Portfolio Expansion with Strong Cross-selling Potential
Highly Complementary Product Portfolio Expansion with Strong Cross-selling Potential Investment Goal: To expand product portfolio in agriculture, leveraging joint know -how and sales channels to provide superior services to agricultural OEMs and end-customers worldwide Headquarter: PRODUCTS Kuusa, F
Slide 27: Expanding Manufacturing Footprint with Greenfield Production Plant in India
Expanding Manufacturing Footprint for Agriculture with INDIA JOST’s Own Greenfield Production Plant in India Investment Goal: To expand JOST’s manufacturing footprint in Asia, tapping into the strong growing Indian market, while at the same time widening supplier pool and improving logistic costs fo
Slide 28: Shareholder Structure and Share Information
Shareholder Structure and Share Information SHAREHOLDER STRUCTURE AS OF MAY 15, 2024 SHARE INFORMATION ISIN DE000JST4000 Trading symbol JST German Sec. Code Number (WKN) JST400 20% Shares in issue 14,900,000 43% Allianz Global Investors Index SDAX Listed since July 20, 2017 PMB Management FMR LLC 20
Slide 29: Financial Calendar 2024 Contact
Financial Calendar 2024 Contact June 6 Warburg Highlights 2024, Germany Investor Relations Contact: June 13-14 Berenberg Pan-European Discovery Conference, France ROMY ACOSTA Aug 14 Publication of Q2 2024 Interim Report Head of Investor Relations Sept 10 JOST’s Capital Market Day 2024, Germany Sept